Facts are stubborn things. It is now clear even to German Federal Bank board members that the brutal austerity applied to the eurozone “periphery” ― Greece, Portugal, Spain, Ireland and Italy ― is not just bleeding these economies white, but starting to hurt the Eurozone “core” and world economy. As a result, the investors, the nurturing of whose fragile confidence has been the whole justification for austerity, feel like investing even less. “This time Europe really is on the brink,” said economists Nouriel Roubini and Niall Ferguson in a June 12 Der Spiegel commentary.
The recent coup against Paraguay’s democratically elected president is not only a blow to democracy, but an attack against the working and poor population that supported President Fernando Lugo. The Paraguayan poor see Lugo as a bulwark against the wealthy elite who have dominated the country for decades. The United States mainstream media and politicians are not calling the events in Paraguay a coup, since the president is being “legally impeached” by the elite-dominated Paraguayan Congress.